Aliphatic Hydrocarbon Solvents and Thinners Market

Aliphatic Hydrocarbon Solvents and Thinners Market (2023-2028):

The Aliphatic Hydrocarbon Solvents and Thinners Market are anticipated to grow from $ 4.6 billion in 2022 to $ 6.7 billion in 2028, at a compound annual rate of 6.7% during the forecast period 2023-2028

Hydrocarbons of the alkanes, alkenes, and alkynes series are aliphatic compounds, similar to fatty acids and many other compounds; therefore, aliphatic compounds are the opposite of aromatic compounds. These compounds are also used as corrosion inhibitors. Most solvents can contain a combination or mixture of different aliphatic types or aliphatic or aromatic hydrocarbons depending on their end industrial applications. The components are diluted in paints to facilitate mixing and reduce thickness. In addition, the ease of application of the paint after mixing with the product will stimulate the growth of the industry. The growing oil and gas industry will drive the market for aliphatic hydrocarbon solvents and thinners. They are typically added to mineral spirits, petroleum naphtha, octane, and petroleum distillates to improve performance. The expansion of the automotive industry, population growth, increasing disposable income, and increasing urbanization in developing countries is accelerating the demand for industrial rubber. The components play a vital role in the manufacture of rubber, they are applied in the production of tires to bond different parts and layers of rubber for durability. The growing demand for rubber in various industries will significantly boost the market for aliphatic hydrocarbon solvents and thinners.

Aliphatic Hydrocarbon Solvents and Thinners Market Drivers:

The aliphatic hydrocarbon solvent and thinner components are diluted in paints to facilitate mixing and reduce thickness. In addition, the ease of application of the paint after mixing with the product will stimulate the growth of the industry. The expansion of the automotive industry, population growth, increasing disposable income and increasing urbanization in developing countries is accelerating the demand for industrial rubber. The component plays an essential role in the manufacture of rubber; they are applied in the production of tires to bond different parts and layers of rubber for greater durability. The growing demand for rubber in various industries will significantly boost the market for aliphatic hydrocarbon solvents and thinners. The product is widely used as a carrier for aerosols and disinfectants. Improper handling of the aerosol can have serious consequences which may lead to harmful effects on humans and their environment.

Aliphatic Hydrocarbon Solvents and Thinners Market Restraints:

Personnel working in the diluents and aliphatic solvents manufacturing units are in constant contact with solvents which can damage the nervous, reproductive, and respiratory systems

Opportunities in the Aliphatic Hydrocarbon Solvents and Thinners Market:

Real estate activities have experienced significant growth coupled with rapid industrialization in the Middle East. Countries like Saudi Arabia and the United Arab Emirates want to reduce their dependence on the oil industry for economic growth and focus on other industries. Therefore, the construction sector has experienced significant growth in the Middle East. The construction industry has a need for paints and coatings, cleaning and degreasing agents, and adhesives, which in turn creates a demand for aliphatic hydrocarbon solvents and thinners.

Challenges in the Aliphatic Hydrocarbon Solvents and Thinners Market:

Adverse effects on human health may restrict the market for aliphatic hydrocarbon solvents and thinners. Its short-term exposure causes dizziness, headache, and irritation of the skin, eyes, and loss of consciousness. Its prolonged exposure causes muscle weakness, distorted vision, lung and skin damage, numbness, fatigue, and neurological disorders. In addition, strict government regulations on these products can slow the growth of the industry.

ALIPHATIC HYDROCARBON SOLVENTS AND THINNERS MARKET REPORT COVERAGE:

Aliphatic Hydrocarbon Solvents and Thinners Market Segmentation as per the research report until 2028.

Aliphatic Hydrocarbon Solvents and Thinners Market - By Type:

• Varnish Makers & Painters Naphtha

• Mineral Spirit

• Hexane

• Heptane

• Others

The naphtha segment of varnish manufacturers and painters held a significant share of the global aliphatic hydrocarbon solvents and thinners market in 2021. Cleaning and degreasing are the growth drivers of this market segment. The varnish and naphtha painters have a large number of applications in which it can be used. It is used as a thinner for paints and coatings, as a solvent in the cracking of hydrocarbons, in laundry soaps, in organic chemistry, in cleaning fluids, and in various other applications.

Aliphatic Hydrocarbon Solvents and Thinners Market - By Application:

• Paints & Coatings

• Cleaning & Degreasing

• Adhesives

• Aerosols

• Rubber & Polymers

• Others.

The paints and coatings segment held a significant share of the global aliphatic hydrocarbon solvents and thinners market in 2020, with a CAGR of 3.16% during the forecast period. The growth of the building and construction industry is contributing to the increasing application of aliphatic hydrocarbon solvents and thinners in paints and coatings, thereby increasing its market.

Aliphatic Hydrocarbon Solvents and Thinners Market - By Region:

• North America 

• Europe 

• Asia Pacific

• Latin America 

• Middle East & Africa 

The Asia-Pacific region is expected to dominate the aliphatic hydrocarbon solvents and thinners market during the forecast period. Due to the high demand for applications from countries such as China, India and Japan, the market for aliphatic hydrocarbon solvents and thinners has grown. The largest producers of aliphatic hydrocarbon solvents and thinners are in the Asia-Pacific region. In 2020, the Indian government announced an investment of 31.740 billion USD for the construction of 110 cities, as part of the smart cities plan. It is likely that 100 smart cities and 500 cities will invite investments worth INR 2.1 trillion (~ USD 28.28 billion) over the next five years, The Chinese government has implemented massive construction plans, including provisions for the displacement of 260 million people to its new mega-cities, over the next ten years, creating a significant field of action for construction activities, thus increasing the market for solvents and thinners of aliphatic hydrocarbons in the next ten years. In addition to paints and coatings, these aliphatic hydrocarbon solvents and thinners are also used in adhesives and sealants, rubber manufacturing, and others that have multiple applications. The above factors, along with government support, are likely to be contributing to the demand in the market for aliphatic hydrocarbon solvents and thinners in the forecast period of 2022 - 2027.

Impact of COVID-19 on the Aliphatic Hydrocarbon Solvents and Thinners Market:

It is estimated that the coronavirus pandemic will have a major impact on aliphatic hydrocarbon solvents and thinners end-use industries, particularly in 2020-2021. The demand for cars and utility vehicles is supposed to decline in 2020 and 2021. More than 83% of automotive production in North America has ceased due to the COVID-19 pandemic. Europe and Asia-Pacific are experiencing a similar situation. Companies such as Ford, General Motors, Fiat Chrysler Automobiles, Honda, and Tesla have temporarily halted production. Even if these companies resume production after the end of the pandemic, economic instability and reduced purchasing power of consumers will have a negative effect on the auto industry. The impact of COVID-19 on the construction industry is expected to vary by region of the world. The IMF has predicted that there will be heavy layoffs in construction and other industries in the United States. In Europe, the building and construction sector is expected to contract between 62% and 73% in 2021.

Aliphatic Hydrocarbon Solvents and Thinners Market Key Players:

Key players in the global aliphatic hydrocarbon solvents & thinners market are

1. Mitsubishi Shoji Chemical Corporation

2. Royal Dutch Shell

3. Calumet Specialty Products Partners

4. SK Global Chemical Co. Ltd.

5. ExxonMobil Chemical

6. Hi-Tech Chemicals

7. Kandla Energy & Chemicals Limited

8. Umwelt Chemicals

9. Merck